Oil Price Remains Supported As China's Urge For A New Reserve Currency Exerts Pressures On The Dollar

Crude oil price extends gain above 70 in European morning as USD's retreats further against major currencies and stock markets rally. However, the benchmark contract may only add modestly, by around 1-2%, over the week due to the sharp fall earlier this week. NNPC, Nigeria's state oil company said that the nation has already shut around 1.4M bpd of oil production out of its 1.67M bpd quota as MEND's attack has intensified. Managing director of the group said that crude supplies for refinery will finish in 15 days.....Complete Story